5644 Loranger Dr · Surrey, MI 48632

$39,997

2 bd · 1.0 ba · 894 sqft · Manufactured public records · 126 Days on market

Built 1950 0.25 ac lot $45/sqft · 35% below area Est $61k · 35% under ↓ 20% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

Key facts

• Open-concept design
• Sandy beach
• Access to bear lake

Tags

• OPEN-CONCEPT DESIGN
• ACCESS TO BEAR LAKE
• ACCESS TO HALFMOON LAKE
• BEAR LAKE WATERFRONT PARK
• SANDY BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($862 rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 95 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,197 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.16% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.45%
• DSCR: 2.71
• GRM: 3.9

CMA / ARV

• ARV (median comp): $61,086
• List price: $39,997
• Delta: -34.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.6%
• Equity multiple: 2.47×
• Total profit: $16,417
• Equity at exit: $5,964

10-year hold

• IRR: 41.5%
• Equity multiple: 4.92×
• Total profit: $43,895
• Equity at exit: $3,458

Cash invested: $11,199 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48632

• Home prices YoY: -27.9%
• Active inventory: 95
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $862 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$96 /mo · $1,152/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $359

Break-even live

Break-even rent $408

Max offer price $39,997

Occupancy floor 53%

Sensitivity live

Price	-10% $382	-5% $370	+0% $359	+5% $348	+10% $336
Rent	-10% $291	-5% $325	+0% $359	+5% $393	+10% $427
Rate	-1.0pp $379	-0.5pp $369	base $359	+0.5pp $349	+1.0pp $338

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,999
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $39,997 Active 126 DOM
2. 2026-06-18
   days on market $39,997 Active 124 DOM
3. 2026-06-17
   days on market $39,997 Active 123 DOM
4. 2026-06-16
   days on market $39,997 Active 122 DOM
5. 2026-06-15
   days on market $39,997 Active 121 DOM
6. 2026-06-13
   days on market $39,997 Active 119 DOM
7. 2026-06-12
   days on market $39,997 Active 118 DOM
8. 2026-06-09
   days on market $39,997 Active 115 DOM
9. 2026-06-08
   days on market $39,997 Active 114 DOM
10. 2026-06-07
    days on market $39,997 Active 113 DOM
11. 2026-06-07
    days on market $39,997 Active 112 DOM
12. 2026-06-04
    days on market $39,997 Active 109 DOM
13. 2026-06-02
    days on market $39,997 Active 108 DOM
14. 2026-06-01
    days on market $39,997 Active 107 DOM
15. 2026-05-31
    days on market $39,997 Active 106 DOM
16. 2026-05-31
    days on market $39,997 Active 105 DOM
17. 2026-04-27
    price $39,997 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

18. 2026-04-27
    price $39,997 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

19. 2026-04-26
    price $39,997
20. 2026-03-20
    price $44,997 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

21. 2026-03-20
    price $44,997 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

22. 2026-03-20
    price $44,997

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

23. 2026-02-14
    listed $49,999 Active

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

24. 2026-02-14
    listed $49,999 Active 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

25. 2026-02-14
    listed $49,999 Active 684-char remark

    Show marketing remark (684 chars)

    Handyman Special Up North Opportunity! Unlock the potential of this up north getaway or investment property! Offering the possibility of a 2-bedroom, 1-bath layout with an open-concept design, this home is ready for your vision and finishing touches. Ideally located just minutes from the expressway, restaurants, and grocery stores, convenience meets northern charm. Enjoy access to both Bear Lake and Halfmoon Lake, with the Bear Lake waterfront park, picnic areas, and sandy beach only minutes away. Whether you're looking to create a cozy retreat, year-round residence, or income-producing investment, this property offers endless potential. Bring your ideas and make it your own!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,152 · $96/mo
• Projected year-2 tax: $1,152 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $10,349
• − Mortgage interest: −$2,240
• − Property taxes: −$1,152
• − Insurance: −$200
• − Repairs & maintenance: −$828
• − Management: −$828
• − Depreciation: −$1,164
• Taxable income: $3,937
• Est. tax owed @ 24.0%: −$945
• After-tax cash flow: $3,362/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Surrey

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 4,995

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, China, South Korea
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1% Chinese 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.83%
• Current HPI: 234.5118
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-20.0% since first listed

9 events — show timeline

• 2026-04-27 Price Changed $39,997 MiRealSource-MiMLS
• 2026-04-27 Price Changed $39,997 MiRealSource-MiMLS
• 2026-04-26 Price Changed $39,997 REALCOMP
• 2026-03-20 Price Changed $44,997 MiRealSource-MiMLS
• 2026-03-20 Price Changed $44,997 MiRealSource-MiMLS
• 2026-03-20 Price Changed $44,997 REALCOMP
• 2026-02-14 Listed $49,999 REALCOMP
• 2026-02-14 Listed $49,999 MiRealSource-MiMLS
• 2026-02-14 Listed $49,999 MiRealSource-MiMLS

Property tax history

+4.1%/yr

Latest (2024): $1,152 · +3.1% YoY. Source: county tax records.